As we’ve been mentioning recently on Street Register, many domestically based cannabis stocks have suffered in 2017 based in part on a toughened Department of Justice stance on federal prohibition law enforcement. Even those cannabis stocks who have no dealing in recreational marijuana whatsoever, like Cannabics Pharmaceuticals Inc (OTCMKTS:CNBX), have really taken it on the nose this spring.
But recently, despite having fallen to its lowest prices since the end of January, CNBX has begun to mount an impressive rebound on the chart. There have also been a few updates we wanted to share with our readers who follow our often extensive cannabis coverage.
Cannabics Pharmaceuticals Inc (OTCMKTS:CNBX) provided a shareholder update early this month that read as follows: Cannabis has the potential of being a natural cancer attenuator comprising numerous active compounds which interact with human cells in a complex manner. Understanding the biological mechanism is a long and profound process, yet, utilizing diagnostic lab tests and clinical studies this potential can be unraveled.
Cannabics Pharmaceuticals engages in various technologies and studies that together create the knowledge of treating cancer patients with cannabis. For the understanding of the palliative aspects, dosages and side effects, we perform a clinical study on advanced cancer patients suffering from CACS. The results up-to-date have revealed the optimal dosages for an oral treatment of naïve patients avoiding side effects.
In the understanding of the anti-cancer properties we are currently analyzing a large body of data obtained from our high throughput screening research. Furthermore, we are gaining new data from our study on circulating tumor cells (CTC), currently focusing on the cannabinoids – CBD and CBDA. We are also engaged in creating software for big data analysis and its presentation to doctors.
The recent raising of $ 3 million enables us to create the platform for personalized treatment with cannabis that correlates to the genetics and biology of the patient and the cancer. To do so the company plans to market the diagnostic tests to cancer patients treated with cannabis, expand collaborations with biotech companies and harness new technologies that examine anti-tumor properties in our R&D lab in Israel. (Source: PR Newswire)
That three million-dollar raise was in reference to a securities purchase agreement with D-Beta One EQ, Ltd. In which D-Beta purchased 3,000,000 shares of CNBX common stock at a purchase price of $1.00 per share, for aggregate proceeds of $3.0 million, with an option to purchase up to an additional 1,500,000 shares of common stock at a purchase price of $2.00 per share over the next 12 months.
“This capital raise transaction will help us continue our efforts to create anti-cancer treatments based on natural cannabis medicine, as well as assist us in our strategy to penetrate into more territories, making our vision accessible to cancer patients everywhere,” said Itamar Borochov, CEO of Cannabics Pharmaceuticals. (Source: PR Newswire)
On the whole, as we were mentioning above, we’ve seen so much downward pressure on the cannabis space in recent months, that a natural rebound period wherein we observe many of these battered stocks making recoveries could be in the making. CNBX has shown flashes of that this week, so we’ll be sure to keep it in our sights. Stay locked to Street Register for updates, and we’ll deliver important developments on CNBX as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in CNBX stock, short or long.